State settles complaints with consumer debt firms

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The state of Vermont has reached settlements with two consumer debt companies accused of doing business without a license and failing to comply with the state’s Consumer Fraud Act.

CreditAnswers, LLC, of Plano, Texas, and Liberty Banc Mortgage Group, Inc., of Irvine, Calif., will pay a total of more than $70,000 in refunds and payments to the state as part of the settlement, which was announced Wednesday.

State Attorney General William Sorrell says the companies didn’t heed Vermont’s three-day right to cancel requirement and failed to have proof to support their claims of results.

Sorrell says the settlements are the fifth and sixth this year between the state of Vermont and debt settlement firms.

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